The Del Vecchio family shortens the corporate chain in Luxembourg, concentrating it even more on Delfin.
The historic parent group safe, which owns the majority of Luxottica, is about to absorb two sub-holdings, already fully controlled, Redfern and Dfr Holding, which in turn control two other financial companies, Aterno and Dfr Investment. At the end of the double merger, the latter will report directly to Delfin.
The operation will take place in two stages: first the absorption of Dfr Holding and immediately after that of Redfern in the parent holding company. The mergers were approved on 19 June and will be effective from 31 July next, as indicated by the documents filed in the Grand Duchy and disclosed by Radiocor.
Dfr Holding it has assets of 517,8 million euros and closed 2016 with a profit of 9,2 million euros (from 8 million in 2015) and distributed a dividend of 11,7 million, for 2,5 million taken from reserves extraordinary. The profit – explains the balance sheet – is mainly due to financial income and dividends. Dfr Holding controls 100% Dfr Investment, which at the end of 2016 had assets of 613 million and closed the year with a profit of 9 million, paying a dividend of 23,6 million.
Among other things, Dfr Investment owns 13% of Fonciere de Regions, the French real estate company that controls Beni Stabili. In January - the document published by Radiocor also reports - Dfr Investment opened a credit line with Unicredit Luxembourg expiring in January 2018.
Redfern, on the other hand, it has assets of 757 million euros and in 2016 recorded a net profit of 31,8 million, up from 11,8 million in 2015, with the distribution of a dividend of 36,7 million, for 5 million taken from reserves. Redfern owns 100% of Aterno, the holding that controls most of the real estate activities of the Del Vecchio group, having 17% of Fonciere des Regions in its portfolio. Aterno has assets of 995 million and closed 2016 with a profit of 12,7 million (from 16 million in 2015) and paid a dividend of 59 million, for 48 million taken from reserves.
